I realize this is simpler than most of the stuff here, but I would really appreciate any help with this.
I'm trying to get a percentage of accuracy for column A.
Column A is the predicted value (forecast), Column B is the actual value (the result), so how accurate was the Column A prediction?
For example, two scenarios: let's say the forecast was 18 but the actual value was 15 (forecast higher). And the same forecast model also gave a forecast of 35 on another object, but the actual value was 40 (forecast lower). I want to combine the two forecasts of the same model and give the accuracy as a percentage out of 100%. Can anybody help me to come up with a single formula for this?
I'm not a statistics guy - I've tried to google this but to no avail. Any help much appreciated!
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